Six Tips For a Great Loan Modification Letter
Published: Mar 12th, 2010 | Author: Alex Bhaswara
Add Comment
The hardship letters you need to write to get a loan modification are among the most difficult you’ll have to write. Worse, you’re hardly in a position to have had much practise at them. Follow these tips though and you’ll soon be doing fine.
- Keep it brief. You’ve probably got quite a bit of pent up emotion, given the circumstances, but this isn’t the place for an extended missive on every problem you have. Instead, briefly explain the changes in circumstances you’re experiencing, along with what you’re doing to adapt and how a loan modification would help.
- Make it clear what you’re asking for. It can be easy to forget to do simple things when dealing with difficult situations. Don’t forget to state that the letter is there to support your application.
- Don’t be afraid of a little emotion. While suggestion one warned you against overdoing things, a little emotion can help. Briefly let your bank know the damage that your difficulties are doing.
- Show what you’re doing to help. A successful loan modification involves you as well as the bank. You’ll need to show that you are budgeting effectively and keeping a careful watch on your reduced income. Include a brief budgeting plan.
- Remember the detail. Although you need to keep the letter reasonably brief, don’t go to the other extreme and include no details about your circumstances. A letter that merely talks about financial hardship in general terms will achieve nothing, so include any relevant facts or figures.
- Some things not to do. Don’t lie or exaggerate, even if you’re desperate, because it will quickly become clear that you have. Don’t rant or become angry, because that won’t persuade anyone to help. Don’t make threats about bankruptcy or legal action. Rather than encouraging the bank to give you a loan modification, it will encourage them to look at other avenues, like forclosure.
For tips and facts about how to get approved for a Mortgage Modification – Visit our simple, no nonsense loan modification guide and resource: http://MortgageModificationLoan.net
